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Ford August Sales Big Miss At 21% YoY Increase Vs 39.3% Estimate, Chrysler Expected To Be Bigger Miss
Could the impact of Cash for Clunkers have
been materially overestimated? Based on the results from Ford, it would
seem so, as the high expected SAAR of 15-16 million is now looking more
and more like a mirage. Goldman Sachs is expecting a 15.5 MM SAAR for
August, and yet they were betting on a 39% increase in Ford sales YoY, falling woefully short of the actual number which was a just announced 21%. What is much more interesting, is where Chrysler numbers will come out: Goldman is expecting a 5% increase in sales, yet a note out of AP quotes an insider saying that August sales were a 15% drop for the Fiat subsidiary.
A person familiar with the matter says Chrysler Group LLC posted a
15 percent drop in U.S. sales in August due to shortages of some
smaller vehicles.
The person declined to be named because official sales figures had not yet been announced.
August sales of new vehicles fell to 93,222 from 110,235 during the same month last year. They rose 5 percent from July of 2009.
The
person says the popular Cash for Clunkers program lowered supplies of
fuel-efficient vehicles like the Dodge Caliber, the Chrysler Sebring
and the Jeep Patriot. The person says that going into August, five of
Chrysler's most efficient vehicles were already at low inventory levels.
This, comnbined with the expected decline in GM August sales af about 16% will surely drop the widely expected bumper SAAR into the 12-13 million range, and cause further brain hemorrhaging for Larry Kudlow, who is desperately trying to salvage some propaganda credibility into this bloodred market day.
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where is pisani? somehow this must be a victory for the bulls.
And it will be according to him, and Liesman for that matter. Big vol selloff - it's all good. I see green shoots.
mmmm. green shoots
http://vodpod.com/watch/1306836-cnbcs-bob-pisani-says-in-this-clip-what-...
Toyota took the bulk of the proceeds. Ford isn't all that bad compared to GM or Chrysler. Personally I don't see allot of new GM or Chrysler driving around but allot of new Fords and especially Toyota. Even VWs are everywhere now.
That program was a big MISS.
Obama admin. F for FAILURE
Aren't almost all (all?) the Toyotas sold in the US made in the US? Ditto for Honda. So, in terms of helping Main Street, why does it matter if Toyota or Ford sold the most cars under CFC?
Toyota, Honda, Hyundai cars are assembled in the US with most of the parts coming from Japan, Korea, and China. The impact on overall manufacturing in the US is reduced.
Because the citizens of Main Street don't own Toyota and Honda.
Worst friggin car I ever owned was a GM.
I just bought a 20 year old bottom of the barrel Toyota Corrolla with 135,000 miles and faded paint and BOY DOES THAT FUCKER RUN LIKE A CHAMP.
Good golly does it run sweet.
GM is looking forward to doing business in Russia with opening a new factory near St. Petersburg.
http://zeropointfield.wordpress.com/2009/09/01/gm-starts-car-production-...
Red Shoots?
brown piles
With the GM and Chrysler numbers one would think they will go bankrupt for a SECOND TIME!
They certainly deserve to go bankrupt again. I will take anything that gets Obama and his UAW out of town a little sooner.
let it fail
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
Toyota was a big winner, yet they're following through with a 10% reduction in global capacity. This is a company that wants to dominate the world and they're cutting capacity - that's all we need to know of the future of car sales.
Today's sing along with the shrills....
http://www.youtube.com/watch?v=LO2eh6f5Go0
Hilarious ! ... makes you feel sooooo good when everything is sooooo bad !
http://www.youtube.com/watch?v=zhhkF3dqXR0
Let's not forget that the American have the average attention span of a broken vending machine.
...forget what?
LOL, nice.
Hahahaha..I just forgot why I wrote that! lol
Market Watch Headline: Ford sales jump 17%, but come up shy of estimates. In the article they mention that it was estimated that Ford sales would jump 39%.
GM results by division:
Pontiac sales fared the best with a 23.3% increase
Chevrolet sales saw a 9.2% decline
Cadillac sales fell 55%
Buick sales dropped 51.7%
Guess which division they are getting rid of?
Chryslers gonna go down!
There's nothing the government can do to save Chrysler. They can keep throwing good money after bad all they want, the results will be the same.
But then again, wasting money is what the government does best.
The impact on overall manufacturing in the US is
reduced.
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
What they don't tell you is the number of days inventory of the other slow-selling models, which translates to keeping certain assembly closed longer (i.e. they call it adding down weeks to the production schedule).
Knowing the models, you could almost tell which towns and cities are in for more trouble down the road.
The cash for clunkers irony is that it's better for the environment to keep a car like my '75 Cadillac on the road than it is to junk it and buy a new one, no matter what the mileage it gets. Good job, BO. Why didn't you make us buy cars that ran on ethanol, while you were at it?